APA (NASDAQ:APA) Stock Rating Upgraded by Scotiabank

APA (NASDAQ:APA) was upgraded by stock analysts at Scotiabank to a “hold” rating in a report released on Wednesday, Zacks reports.

Other equities analysts have also recently issued reports about the company. Stifel Nicolaus initiated coverage on APA in a research note on Wednesday, September 9th. They set a “buy” rating and a $62.00 target price on the stock. Citigroup raised their price target on APA from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Jefferies Financial Group reiterated a “hold” rating and issued a $41.00 price target on shares of APA in a report on Sunday, October 11th. KeyCorp set a $46.00 price objective on shares of APA in a research report on Wednesday, August 12th. Finally, Argus raised shares of APA from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $44.38.

APA Trading Up 4.1%

NASDAQ:APA traded up $1.92 during mid-day trading on Wednesday, reaching $49.15. 6,325,180 shares of the company’s stock traded hands, compared to its average volume of 5,669,751. The company has a 50 day moving average price of $43.72 and a 200-day moving average price of $39.24. The firm has a market capitalization of $17.22 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 0.79 and a beta of 0.42. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.95 and a quick ratio of 0.95. APA has a 12-month low of $21.63 and a 12-month high of $49.26.

APA (NASDAQ:APA) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.01). The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.46 billion. APA had a return on equity of 24.84% and a net margin of 19.48%. During the same quarter last year, the business posted $0.87 EPS. On average, sell-side analysts predict that APA will post 6.00 earnings per share for the current year.

APA announced that its Board of Directors has authorized a stock buyback program on Wednesday, September 16th that permits the company to buy back 40,000,000 shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Share repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On APA

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of APA in the 2nd quarter worth about $1,173,231,000. Arrowstreet Capital Limited Partnership lifted its position in APA by 1,726.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,834,502 shares of the company’s stock valued at $205,176,000 after acquiring an additional 4,569,779 shares during the period. Bank of New York Mellon Corp purchased a new position in APA during the 2nd quarter valued at about $134,558,000. Allianz Asset Management GmbH boosted its stake in APA by 240.5% during the second quarter. Allianz Asset Management GmbH now owns 2,662,794 shares of the company’s stock worth $86,727,000 after acquiring an additional 1,880,674 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in APA by 55.0% during the first quarter. First Trust Advisors LP now owns 4,154,301 shares of the company’s stock worth $176,309,000 after acquiring an additional 1,473,626 shares in the last quarter. Hedge funds and other institutional investors own 83.01% of the company’s stock.

About APA

APA Corporation (NASDAQ:APA) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. The company’s activities include identifying prospective resources, drilling and completing wells, and managing producing assets across multiple international markets.

APA’s operations have historically been concentrated in the Permian Basin of the United States and in Egypt’s Western Desert, where it participates in exploration and production activities through joint ventures.